Please note, the Online Banking Portal will be unavailable from 7am - 2pm on Sunday 14th July due to site maintenance.

Please note, the Online Banking Portal will be unavailable from 7am - 2pm on Sunday 14th July due to site maintenance.

Please note, the Online Banking Portal will be unavailable from 7am - 2pm on Sunday 14th July due to site maintenance.

Retirement Interest Only Mortgage 2.73% Variable Discount Mortgage for 2 Years

Retirement Interest Only Mortgage 2.73% Variable Discount Mortgage for 2 Years

Initial Pay Rate

5.76%

Loan to Value

65%

APRC

8.4%

Fees

No

Product Code

MDS280

Information

Early Repayment Charge:

Incentives:

Things you need to know

Repayment Basis

Interest Only.

Fees

No application fee or arrangement fees.

Age/Term

Minimum age 55 years and the borrower(s) must be retired. There is no maximum age.

The maximum term is 55 years For joint mortgages each borrower will need to afford the mortgage in their own right. Borrower(s) must be retired prior to application.

Minimum Interest Rate

The interest rate on this product will not drop below 2.00%. (following the fixed rate period)

Incentives

Free Valuation

£250 cashback will be paid to your solicitors on completion of the mortgage.

Loan Size

Minimum Loan: £30,000

Maximum Loan: £500,000

Maximum Loan to Value

Purchase 65%.
Remortgage 65%.

Property Location

Available for properties located in England, Wales and Scotland (Selected Scottish Islands accepted, please refer to criteria).

Procuration Fee

The Society will pay a procuration fee of 0.35% on completion to the intermediary.

Availability

This product is available for new mortgage customers only.

Early Repayment Charges

There are no early repayment charges.

Representative Example

A mortgage of £117,869.00 payable over 25 years initially on a discounted variable rate of 5.76% for 2 years and then on our Standard Variable Rate (SVR) of 8.49% (variable) for the remaining 276 months would require 24 monthly payments of £565.77 and 276 monthly payments of £833.92. The total amount payable would be £361,645.31 made up of the loan amount plus interest (£243,741.31) and a funds transfer fee of £35.00.

The overall cost for comparison is 8.4% APRC representative^

RIO Guide

To found out more about Retirement Interest Only Mortgages, read our helpful guide HERE

Find out More or Apply

Call us on 01782 255000 (selecting option 1 – Hanley Intermediaries then option 1 – New business enquiries).

Lines are Open 9.00am to 5.00pm Monday to Friday (Wednesday 9.30am to 5.00pm).

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